- Hera spacecraft to probe asteroid deflected by defence test
- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
- Dockers end three-day strike at Montreal port
- What next for OpenAI after $157 billion bonanza?
- Israel-Hamas war causes 86-percent dive in Gaza GDP: IMF
- Milan's Morata moves house after Inter-fan town mayor 'violates' privacy
- 'Devastating' storm hits Augusta National but Masters will go on
- Relief in Brazil, Asia over delay to EU deforestation rules
- Oil prices jump, stocks fall on Middle East tensions
- Biden says 'discussing' possible Israeli strikes on Iran oil facilities
- Oil prices rise, stocks fall on Middle East tensions
- Oil rallies, stocks mostly retreat on Middle East tensions
- Phasing out teen smoking could save 1.2 mn lives: study
- 'Welcome relief': Asia producers hail EU deforestation law delay
- Japan PM slated to announce plans for 'happiness index'
- Turkish inflation falls less than expected in September at 49.4%
- Easing inflation lifts profit at UK supermarket Tesco
- Skiing calls on UN climate science to combat melting future
- China wine industry looks to breed climate resilience
- Tokyo rallies on weak yen, Hong Kong drops after surge
- Dutch airline KLM unveils 'firm' cost-cutting measures
- Carpe diem: the Costa Rican women turning fish into fashion
- Senegal looks to aquaculture as fish stocks dwindle
- Will AI one day win a Nobel Prize?
- Climate change, economics muddy West's drive to curb Chinese EVs
- Argentina's Milei vetoes university budget after huge protests
- TotalEnergies plans to grow oil and gas production until 2030
- 2024 Nobels offer glimmer of hope as global crises mount
- Tokyo rallies on weak yen, Hong Kong reverses after surge
- Tunisia readies for vote as incumbent Saied eyes victory
- High childcare costs in US weigh on women's employment
- US voters seek help with crushing childcare costs
- Taiwan shuts down for second day as Typhoon Krathon to land
- Supercharged storms: how climate change amplifies cyclones
- Biden official urges talks as US port strike enters second day
- Huge protests in Argentina over public university cuts
- Rally in oil prices loses steam on mixed day for global stocks
- South America treated to rare 'ring of fire' eclipse
- Biden official says port strike deal not as far as parties think
- Mexico's new president offers apology for 1968 student massacre
- Historic funding round values OpenAI at $157 billion
- Mixed US car sales in Q3 as industry hopes for post-election bounce
- Thunderstorms are a 'boiling pot' of gamma rays, scientists find
- Scientists unlock secret of 'Girl With Pearl Earring'
- Dolphins flash friendly grins when they're ready to play
- Facing backlash, EU moves to delay deforestation rules
- US private sector adds more jobs than expected in September: ADP
- Boys out of critical condition after Zurich stabbings
- Spain logs record summer tourism as inflow draws protests
RBGPF | -1.35% | 59.99 | $ | |
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BP | 0.28% | 32.46 | $ | |
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AZN | -2.12% | 77.93 | $ | |
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VOD | -0.52% | 9.69 | $ | |
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JRI | -0.6% | 13.3 | $ | |
CMSD | -0.16% | 24.89 | $ | |
BCE | -1.77% | 33.84 | $ |
Stocks advance despite Apple report concerns
Stock markets mostly advanced on Tuesday despite fresh recession worries on a report tech titan Apple may scale back hiring and investment.
Meanwhile, the euro rallied against the dollar as traders looked ahead to a key European Central Bank meeting later this week, while oil gave up some of its strong gains on Monday.
European stocks were higher in afternoon trading, with London up 0.5 percent and both Frankfurt and Paris climbing 0.7 percent.
Wall Street opened higher, with the blue-chip Dow adding 0.7 percent, and the broader S&P 500 and tech-heavy Nasdaq Composite rising more than one percent.
Asian equity indices closed mixed after an overnight sell-off on Wall Street fuelled by fresh recession worries on the Bloomberg report on Apple's plans.
"Apple put the cat among the pigeons following a media report that it plans to pull back hiring and growth spending next year in anticipation of the possible economic downturn," noted Richard Hunter, head of markets at Interactive Investor.
Apple's shares were 0.4 percent up shortly after trading began.
The euro meanwhile jumped around one percent against the dollar, as traders mulled whether the European Central Bank could hike interest rates more than expected to fight runaway inflation.
The ECB has signalled it would raise eurozone interest rates on Thursday for the first time in more than a decade but is under pressure to do more to tackle spiralling prices.
It intends to raise borrowing costs by a quarter point, the first such move since 2011.
"In all likelihood, the ECB will raise interest rates by 25 basis points this week and follow this up with a 50-basis-point move in September," noted Matthew Ryan, head of market strategy at financial firm Ebury.
"That said, we do not rule out a 50-basis-point rate hike at this week's meeting.
"We have already seen most major central banks deliver bumper rate increases in recent weeks in an attempt to control rampant price growth," Ryan added.
The Federal Reserve's aggressive rate tightening this year has sent the dollar soaring against most other currencies in recent weeks.
Last week, the euro fell below parity with the dollar for the first time in nearly 20 years, also on growing fears of a eurozone recession as high inflation hampers growth.
On Tuesday, the dollar briefly hit a record high above 80 rupees, with the Indian unit hammered by massive outflows of capital as the economy struggles.
While some are predicting inflation may have reached its peak, oil prices -- the key driver of soaring costs -- remain elevated.
Both main contracts fell Tuesday after rocketing more than five percent Monday on expectations that Saudi Arabia would not open up the taps further, with a plea by US President Joe Biden seeming to have fallen on deaf ears.
Traders were keeping a nervous eye on Europe, where a 10-day maintenance shutdown of the Nord Stream 1 pipeline from Russia is due to end this week.
Many fear Vladimir Putin will keep it shut in retaliation for sanctions imposed on Moscow for invading Ukraine.
That would deal another blow to the already creaking eurozone economy and could send crude prices soaring.
Supply fears are trumping worries about a demand hit in China from another possible lockdown in Shanghai as officials struggle to contain another Covid-19 outbreak.
- Key figures at around 1330 GMT -
London - FTSE 100: UP 0.5 percent at 7,258.68 points
Frankfurt - DAX: UP 0.7 percent at 13,050.89
Paris - CAC 40: UP 0.7 percent at 6,131.94
EURO STOXX 50: UP 0.7 percent at 3,537.00
New York - Dow: UP 0.7 percent at 31,293.30
Tokyo - Nikkei 225: UP 0.7 percent at 26,961.68 (close)
Hong Kong - Hang Seng Index: DOWN 0.9 percent at 20,661.06 (close)
Shanghai - Composite: FLAT percent at 3,279.43 (close)
Euro/dollar: UP at $1.0246 from $1.0146 on Monday
Pound/dollar: UP at $1.2019 from $1.1950
Euro/pound: UP at 85.21 pence from 84.88 pence
Dollar/yen: DOWN at 137.49 yen from 138.13 yen
West Texas Intermediate: DOWN 1. percent at $101. per barrel
Brent North Sea crude: DOWN 1. percent at $105. per barrel
burs-rl/bp
O.Hansen--CPN